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Old 07.03.2011, 16:39
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Please help_buying a house in Vernier Geneva

Hello everyone,

I am quite new to this famous forum. We are in a proccess of buying a house near Geneva. However, I am quite new (Although my husband has a C permit, but he has no idea about property market as I do) to this city so We have some questions regarding the house and bank mortgages and appreciate if anyone here could give us some opitions or share your knowledge and experiences.

1- Location
Is Vernier a nice location for buying a house? heard that there are flight noise and some factories located nearby?? anybody is living there now and do you anoyed by the above problems?

2- Mortgage (we would need about 1Million CHF)
(1) which bank has better interest rate and terms
We will meet Credit Swiss soon, but it seems the interest rate is higher than others.
I used www.comparis.ch and found Axa Winterthur offers a competitive rate, is there anyone had mortgage with them. Heard that Migros bank has nice rate as well, however it might revalue your house and in other words, you may get less mortgage.
I wonder if you can share which bank you chose and your mortgage interest rate you fixed (e.g 3 years, 5 years) for your mortgage loan recently
(2) how to combine the mortgage
We are suggested by an agent that either fixed them all in 5 years, or 10% Libor+90% 5years fixed.
But I am thinking if it's better to split them into Libor+3 years+5yrs+7yrs fixed? but how much of the portion for each part would be better? or you have better suggestion?

3-Tax impact
heard that there would be a imputed rental income for the house although you could deduct the mortgage interest when you file your personnal income tax return. The question is how the Vernier government determine the "imputed rental income"? or is it according to the market price or what?

Sorry for these long questions, thank you very much in advance if you could give us a little help.
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Old 07.03.2011, 16:49
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Re: Please help_buying a house in Vernier Geneva

Go to a few banks and ask, they will walk you through all the options, costs and benefits. the mortgage / house buying situation here is totally different from just about everywhere else in the world.

you'll need to make an appointment at the banks and take as much info with you as possible, permits, bank statements, salary statements, house details etc etc if you haven't done any homework or you don't have info they need then you won't be taken seriously.

as your asking about area then I guess you are no where near ready to be asking about mortgages yet. Houses in the geneva area are like rocking horse poo, and 1m is cheap for that canton.

good luck
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Old 07.03.2011, 17:04
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Re: Please help_buying a house in Vernier Geneva

Thank you bigblue2 for the quick response. Yes, we will meet Credit Swiss soon, maybe tomorrow we will have a meeting with them, and see how would be the interest rate etc. they could offer. And would also like to try PostFiance or BCDG, or Axa Winterthur, just if anyone had done business with them and give me some advice, we might be able to negotiate better.
Of course the house is much higher than 1M, we just want to take this amount of mortgage.
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Old 07.03.2011, 17:05
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Re: Please help_buying a house in Vernier Geneva

try the cantonal banks too, they offered us the best deals by far
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Old 07.03.2011, 17:16
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Re: Please help_buying a house in Vernier Geneva

Check the Kantonals as BigBlue says - they go for the mid-market.

As for splitting, that all depends on your outlook on the rates. If you think they'll stay lower for longer - go libor. If not fix.

The banks should tell you the minimum size of each mortgage - and rememeber your repayment schedule can be set against any of the chunks. We are paying off our 10yr fixed first.
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Old 07.03.2011, 17:24
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Re: Please help_buying a house in Vernier Geneva

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Hello everyone,

I am quite new to this famous forum. We are in a proccess of buying a house near Geneva. However, I am quite new (Although my husband has a C permit, but he has no idea about property market as I do) to this city so We have some questions regarding the house and bank mortgages and appreciate if anyone here could give us some opitions or share your knowledge and experiences.

1- Location
Is Vernier a nice location for buying a house? heard that there are flight noise and some factories located nearby?? anybody is living there now and do you anoyed by the above problems?

2- Mortgage (we would need about 1Million CHF)
(1) which bank has better interest rate and terms
We will meet Credit Swiss soon, but it seems the interest rate is higher than others.
I used www.comparis.ch and found Axa Winterthur offers a competitive rate, is there anyone had mortgage with them. Heard that Migros bank has nice rate as well, however it might revalue your house and in other words, you may get less mortgage.
I wonder if you can share which bank you chose and your mortgage interest rate you fixed (e.g 3 years, 5 years) for your mortgage loan recently
(2) how to combine the mortgage
We are suggested by an agent that either fixed them all in 5 years, or 10% Libor+90% 5years fixed.
But I am thinking if it's better to split them into Libor+3 years+5yrs+7yrs fixed? but how much of the portion for each part would be better? or you have better suggestion?

3-Tax impact
heard that there would be a imputed rental income for the house although you could deduct the mortgage interest when you file your personnal income tax return. The question is how the Vernier government determine the "imputed rental income"? or is it according to the market price or what?

Sorry for these long questions, thank you very much in advance if you could give us a little help.
Hi, you might want to spread the net a little wider than Vernier, its not the airport noise I would worry about. Does it depend on your husbands new job location? Tell us a bit more, maybe we can give some suggestions
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Old 07.03.2011, 17:30
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Re: Please help_buying a house in Vernier Geneva

okay thanks, we will go to the cantonal bank. BCDG's website rate for 5 years, 7 year and 10 years are 2.63%, 2.99% and 3.28%, not as good as PostFinance, migros, but I assume there is some space for negotiation.

I think the middle term interest rate is going up, but don't know when. maybe in 2 years. The finance agent doesn't recommend 10years, but it might be a good choice.
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Old 07.03.2011, 17:33
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Re: Please help_buying a house in Vernier Geneva

they gave us a family discount and first time buyer (to switzerland) discount as well I think, and came out cheaper then the others, they will ask you what other offers you have so you can get them playing off each other.
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Old 07.03.2011, 17:36
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Re: Please help_buying a house in Vernier Geneva

Bigblue, this is very useful and important information for us, many thanks!!!!!!
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Old 07.03.2011, 17:39
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Re: Please help_buying a house in Vernier Geneva

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Hi, you might want to spread the net a little wider than Vernier, its not the airport noise I would worry about. Does it depend on your husbands new job location? Tell us a bit more, maybe we can give some suggestions
grumpygit, the house is about 15mins driving from his office, so for this point, it's nice?
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Old 07.03.2011, 17:40
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Re: Please help_buying a house in Vernier Geneva

3M Libor @ Kantonal is very cheap for us at the moment
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Old 07.03.2011, 17:41
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Re: Please help_buying a house in Vernier Geneva

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grumpygit, the house is about 15mins driving from his office, so for this point, it's nice?
Sounds like you have already chosen something so good luck.
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Old 07.03.2011, 17:41
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Re: Please help_buying a house in Vernier Geneva

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its not the airport noise I would worry about.
I would worry about the noise. I had relatives in Aire-la-Ville (a bit more far away from the airport but under the planes) and noise was just horrible.

I know progress have been made about the noise, but I would not live in Vernier. (not only about the noise, but also about the pollution)
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Old 07.03.2011, 17:44
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Re: Please help_buying a house in Vernier Geneva

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I would worry about the noise. I had relatives in Aire-la-Ville (a bit more far away from the airport but under the planes) and noise was just horrible.

I know progress have been made about the noise, but I would not live in Vernier. (not only about the noise, but also about the pollution)
Yeah, i was suggesting that there are also other problems than the airport noise which presumably they have already seen, but the industrial sites and presumably Geneva s biggest residential site of appartments might discourage some but not others. They would be close to the Charbonnade restaurant in Lignon which would be an upside in the summer.
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Old 07.03.2011, 17:57
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Re: Please help_buying a house in Vernier Geneva

Vernier is a big municipality, so even some of the streets opposite Balexert and Avanchet, in itselt quite a nice are bordering with Grand-Saconnex, are in Vernier. But that would be the best option and not a very likely one. I would check the exact location first, if it is in or near Chatelaine or in Vernier-Village, you will have at least one of the following: airport noise, proximity of oil depots, other industry, railways, roads and some of the biggest pollution spots in the canton.

Check the area's environmental report on Topoweb and definitely visit the place. Apparently demand is so high in Geneva these days that it seems that you can't go wrong wherever you go, but you never know and if prices do fall, they will fall there first and most brutally.
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Old 07.03.2011, 18:12
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Re: Please help_buying a house in Vernier Geneva

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3M Libor @ Kantonal is very cheap for us at the moment
Could you please share me with the libor rate? this big smile means very Cheap,
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Old 07.03.2011, 18:19
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Re: Please help_buying a house in Vernier Geneva

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Vernier is a big municipality, so even some of the streets opposite Balexert and Avanchet, in itselt quite a nice are bordering with Grand-Saconnex, are in Vernier. But that would be the best option and not a very likely one. I would check the exact location first, if it is in or near Chatelaine or in Vernier-Village, you will have at least one of the following: airport noise, proximity of oil depots, other industry, railways, roads and some of the biggest pollution spots in the canton.

Check the area's environmental report on Topoweb and definitely visit the place. Apparently demand is so high in Geneva these days that it seems that you can't go wrong wherever you go, but you never know and if prices do fall, they will fall there first and most brutally.
Okay,great, I will Check the Topoweb now, thank you very much. We have visit some houses close to Vernier-Village. And we do saw some EasyJet airplanced passed during the visiting.
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Old 09.03.2011, 13:41
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Re: Please help_buying a house in Vernier Geneva

I lived in Vernier for a year. I lived near to the big shopping centre which at the time was Carrefour - I think it is Coop now.

It was horrendous!! The plane noises were terrible and the smell of jet fuel made me physically sick!! But as another poster said, Vernier is a big commune and not all houses are on the flight path.

There are so many other nice areas to live in in Geneva...
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Old 09.03.2011, 14:16
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Re: Please help_buying a house in Vernier Geneva

We are just in the process of switching from UBS to PostFinance for our mortgage. I have found them very helpful and friendly.

We are on 3M LIBOR with PostFinance, and the rate is 1.1% (you can find all the rates on their website). With UBS, the rates they quote on the website are much higher (the latest rate we were paying was 1.22%, so a nice saving from the switch), but then it seems everyone gets a discount so it is hard to compare - PostFinance is very simple, nothing flashy, but what you see is what you get, which I like.

If you want a contact at PostFinance in Geneva I can send you the details of the person I have been dealing with based at the big Poste at Cornavin. Just send me a PM.
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Old 09.03.2011, 14:45
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Re: Please help_buying a house in Vernier Geneva

Just to echo what has been written re. mortgages.

The mortgage on our current house was taken out 14 yrs. ago with a relatively small Swiss national bank. A few years ago this bank (chain) was taken over (bought out) by a slightly larger (and getting bigger) Swiss national bank. Nothing has really changed other than we were offered a lower fixed rate for a minimum fixed period, with the new bank - which still has a few years to run if penalties are to be avoided if we decide to sell up.

Now we are having a new house built and we were offered the best rates and terms with our local Kantonal bank. They seem less faceless than the bigger banks and seem to genuinely want to help the local people become home owners (still not as common here as other countries) and offer a better personal service as well as the better rates.
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